If one considers the large number of private investors who choose to invest capital in the form of "savings bank bonds" or "savings certificates," it is surprising how little discussion there has been to date of the problems associated with these registered bonds under securities law. The classification of registered bonds under securities law, however, deals with an interesting interface between the purely debt law treatment of uncertificated claims and the bearer bonds of the capital market, which are characterized by property law. The author enters new territory with a dogmatically thorough investigation. He succeeds in comprehensively working through the fundamental questions associated with the legal concept of "registered bonds". At the same time, the individual problems that are important for legal transactions are dealt with, taking into account the legal framework.